Investor Presentaiton

Financial Analysis and KPIs 中国西部水泥有限公司 WEST CHINA CEMENT LIMITED RMB Million Ended Ended % (unless otherwise specified) 31 Dec 2023 31 Dec 2022 Change Ended Ended 31 Dec 2023 31 Dec 2022 Sales Volume: Cement: Cement (mt) 19.8 18.5 7.0% ASP/t (RMB) 360 358 Aggregates (mt) 4.05 4.61 (12.2%) -PRC 292 340 Commercial Concrete (mcm) 1.91 1.74 9.8% -Africa: Mozambique 663 527 Revenue 9,020.9 8,489.1 6.3% D.R. Congo 1,272 1,715 Gross Profit 2,460.0 2,181.8 12.8% Ethiopia 872 743 EBITDA (1) 2,948.6 3,176.4 (7.2%) GP/t (RMB) 96 85 Profit/(Loss) Attributable to -PRC 44 71 421.3 1,214.7 (65.3%) Shareholders -Africa: Mozambique 358 237 Basic EPS (cents) 7.7 22.4 (65.6%) D.R. Congo 509 393 Dividend (cents) 2.3 6.7 (65.7)% Ethiopia 504 333 Gross Profit Margin EBITDA Margin 27.3% 25.7% 1.6ppt 32.7% As at 31 Dec 2023 37.4% As at 31 Dec 2022 (4.7ppt) Aggregates: ASP/t (RMB) GP/t (RMB) 45 51 24 34 Total Assets Net Debt (2) Net Gearing (3) Net Debt / EBITDA 32,902.9 30,239.3 8.8% 8,556.1 7,487.1 14.3% Commercial Concrete: 60.4% 55.9% 4.5ppt ASP/cm (RMB) 378 407 2.9 2.4 20.8% GP/cm (RMB) 52 39 53 EBITDA / Fixed Charge (4) Net Assets Per Share(cents) 5.0 6.3 (20.6%) 260 246 5.7% Trade receivable 1.EBITDA is defined as profit before tax minus net foreign exchange (losses) gains, interest income, hyperinflation restatement and gain on disposal of a joint venture, plus finance costs, impairment losses, total depreciation and amortization expenses, loss on derecognition of a subsidiary, provision of administrative penalty as well as fair value changes. 2. Net debt equal to bank borrowings and senior notes, less bank balances and cash as well as restricted / pledged bank deposits 3.Net Gearing is measured as net debt to equity 4.Fixed charge means gross interest expenses. 5.365 day/(Turnover / Average trade and bill receivables) 6.365 day/(Production cost/Average inventory) 7.365 day/(Production cost/Average trade and bill payables) Trade payable 70 72 Turnover Days (5) Inventory Turnover Days (6) 80 75 121 118 Turnover Days (7) 7

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